Applied Digital (APLD) expanded its North Dakota AI campus on schedule, adding high-density compute capacity.

Applied Digital Corporation (NASDAQ:APLD) announced on July 1 that its Polaris Forge 1 campus in Ellendale, North Dakota achieved Ready for Service status for Phase 1 of Building 2. The expansion added 75 megawatts of operational AI computing capacity, bringing the campus's total live capacity to 175 megawatts, up from 100 megawatts previously.

On July 2, Compass Point reiterated its Buy rating and $70 price target on Applied Digital, citing the on-time completion of the expansion as validation of the company's ability to execute large-scale data center construction. The remaining six data halls at the facility are expected to power up in phases through July, August, and September.

Recent lease agreements in April, May, and June have strengthened Applied Digital's contracted base-term revenue, which has grown to nearly $36 billion from approximately $16 billion. At the time of the analyst update, Applied Digital's shares were trading around $35.

Applied Digital is a digital infrastructure company that designs, develops, and operates data center solutions for high-performance computing and artificial intelligence industries in North America.